Mon01172022

Last updateMon, 15 Jun 2020 10pm

Back You are here: Home News News Business Downtown's largest hotel will re-open next year

Downtown's largest hotel will re-open next year

Log in to save this page.
fourpoints

After being closed to the public for nearly two years, The Four Points by Sheraton Hotel will soon be able to reopen. 

Hawkeye Hotels, an Iowa-based hotel development company, announced it has purchased the foreclosed hotel from a private lender and plans to work closely with the City of Peoria to fully renovate the property and have it operational by early 2017. The Peoria City Council passed a redevelopment agreement with Hawkeye Hotels on Tuesday.

“We are very excited to redevelop this property as we understand the positive impact hotels of this size can have on local economies,” said Ravi Patel, president and principal of Hawkeye Hotels. “We often see a significant uptick in economic indicators across the board when we’re able to build or revitalize full-service properties in thriving markets like Peoria, and we fully expect the new and improved Four Points by Sheraton to be an economic boon for the area.”

Don Welch, president and CEO of the Peoria Area Visitors and Convention Bureau, shared Patel’s outlook. “We are very excited to hear the news that the renovation of the 319-room hotel in downtown Peoria will soon resume. I know our convention and meeting planners are anxious to have this hotel back in operation to support their events,” he said.

The renovated hotel will include 320 rooms, banquet and convention space, and full-service restaurant capabilities, making it the downtown area’s largest hotel. With a purchase price nearing $6 million and total project costs of more than $15 million, this project will have an estimated twenty-year economic impact of over $500 million in the region, bolstering commerce for area businesses and the tourist industry.

“The Four Points property is an incredibly important part of downtown Peoria and the regional visitor economy.  We are excited to see Hawkeye Hotels recognize the great opportunity that is here and invest their money in Peoria,” said Peoria Mayor Jim Ardis.

It is estimated that renovating the hotel will bring 50 to 100 temporary construction jobs. Once the hotel opens, the company plans to hire around 50 permanent employees. The hotel is currently set to open in early 2017.

Under the redevelopment agreement, property taxes will be frozen at 2007 levels as the hotel is within a hospital taxing district. That could save the hotel company about $2 million.

Founded in 1982 with one roadside hotel in Mena, Arkansas, Hawkeye Hotels has become one of the fastest-growing, family-owned hospitality companies in the country. Today, Hawkeye Hotels owns and operates over 55 hotels across the country, with more than 1,000 employees across our portfolio of hotels and corporate offices. The company maintains affiliations with leading brands, including Marriott, Hilton, InterContinental and Starwood.